For the twelve months ended Sep 30, 2026, Shopify Inc. reported $14.17B of revenue and $2.13B of net income.
SHOP revenue was $3.74B in fiscal Q3 2026 (ended Sep 30, 2026), up 31.6% from a year earlier and up 4.4% from the prior quarter. For the full fiscal 2025 it was $11.56B, up 30.1% from fiscal 2024. Compound annual growth was +31.6% over 5 years. It rose in each of the last 8 fiscal years. Fiscal 2025 is the highest of the 9 fiscal years on file.
SHOP net income was $462.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 75.0% from a year earlier and down 69.2% from the prior quarter. For the full fiscal 2025 it was $1.23B, down 39.0% from fiscal 2024. Compound annual growth was +31.0% over 5 years.
SHOP diluted EPS was $0.36 in fiscal Q3 2026 (ended Sep 30, 2026), up 80.0% from a year earlier and down 69.0% from the prior quarter. For the full fiscal 2025 it was $0.94, down 39.4% from fiscal 2024. Compound annual growth was +29.4% over 5 years.
SHOP free cash flow was $816.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 60.9% from a year earlier and up 24.8% from the prior quarter. For the full fiscal 2025 it was $2.01B, up 25.7% from fiscal 2024. Compound annual growth was +39.3% over 5 years. Fiscal 2025 is the highest of the 13 fiscal years on file.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.56B | $8.88B | $7.06B | $5.60B | $4.61B | $2.93B | $1.58B | $1.07B | $673.30M | - |
| Cost of revenue | $6.00B | $4.41B | $3.54B | $2.85B | $2.13B | $1.39B | $712.53M | $476.96M | $293.05M | $179.84M |
| Gross profit | $5.55B | $4.47B | $3.52B | $2.75B | $2.48B | $1.54B | $865.64M | $596.27M | $380.25M | $209.50M |
| Research and development | $1.54B | $1.37B | $1.73B | $1.50B | $854.38M | $552.13M | $355.01M | $230.67M | $136.00M | $74.34M |
| Selling, general and admin | $471.00M | $410.00M | $491.00M | $708.00M | $374.84M | $245.34M | $153.76M | $107.44M | $67.72M | $43.11M |
| Operating income | $1.47B | $1.07B | -$1.42B | -$822.00M | $268.64M | $90.15M | -$141.15M | -$91.92M | -$49.16M | -$37.16M |
| Interest expense | - | - | - | $3.50M | $3.49M | $9.09M | $0 | - | - | - |
| Pre-tax income | $1.51B | $2.23B | $185.00M | - | - | - | - | - | - | - |
| Income tax | $278.00M | $209.00M | $53.00M | -$163.00M | $225.93M | -$79.14M | $29.03M | $0 | $0 | $0 |
| Net income | $1.23B | $2.02B | $132.00M | -$3.46B | $2.91B | $319.51M | -$124.84M | -$64.55M | -$39.99M | -$35.35M |
| EPS, basic | $0.95 | $1.57 | $0.10 | -$2.73 | $2.34 | $0.27 | -$0.11 | -$0.06 | -$0.04 | -$0.04 |
| EPS, diluted | $0.94 | $1.55 | $0.10 | -$2.73 | $2.29 | $0.26 | -$0.11 | -$0.06 | -$0.04 | -$0.04 |
| Diluted shares | 1.30B | 1.30B | 1.30B | 1.27B | 1.27B | 1.23B | 1.13B | 1.06B | 957.7M | 839.9M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.54B | $1.50B | $1.41B | $1.65B | $2.50B | $2.70B | $649.92M | $410.68M | $141.68M | $84.01M |
| Short-term investments | $4.23B | $3.98B | $3.60B | $3.40B | $5.27B | $3.68B | $1.81B | $1.56B | $796.36M | $308.40M |
| Receivables | $500.00M | $342.00M | $282.00M | $273.00M | $192.21M | $120.75M | $90.53M | $41.35M | $21.94M | $9.60M |
| Inventory | $21.00M | $26.00M | $19.00M | - | - | - | - | - | $1.62M | $522.0K |
| Current assets | $8.30B | $7.25B | $6.28B | $6.05B | $8.54B | $6.88B | $2.74B | $2.13B | $1.03B | $422.90M |
| Goodwill | $491.00M | $452.00M | $427.00M | $1.84B | $357.00M | $311.87M | $311.87M | $38.02M | $20.32M | $15.50M |
| Total assets | $15.19B | $13.92B | $11.30B | $10.76B | $13.34B | $7.76B | $3.49B | $2.25B | $1.11B | $490.56M |
| Current liabilities | $1.39B | $1.96B | $898.00M | $856.00M | $702.73M | $438.33M | $316.38M | $138.69M | $94.75M | $66.53M |
| Shareholders' equity | $13.47B | $11.56B | $9.07B | $8.24B | $11.13B | $6.40B | $3.02B | $2.09B | $1.00B | $410.48M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.03B | $1.62B | $944.00M | -$136.00M | $535.71M | $424.96M | $70.61M | $9.32M | $7.90M | $14.02M |
| Capital expenditures | $26.00M | $19.00M | $39.00M | $50.00M | $50.79M | $41.73M | $56.76M | $27.95M | $20.04M | $23.77M |
| Free cash flow | $2.01B | $1.60B | $905.00M | -$186.00M | $484.92M | $383.23M | $13.86M | -$18.63M | -$12.14M | -$9.76M |
| Investing cash flow | -$1.19B | -$1.59B | -$1.24B | -$719.00M | -$2.38B | -$1.93B | -$569.48M | -$810.63M | -$527.17M | -$269.69M |
| Financing cash flow | -$811.00M | $61.00M | $60.00M | $18.00M | $1.65B | $3.56B | $736.35M | $1.07B | $574.83M | $228.59M |
| Depreciation and amortization | $31.00M | $36.00M | $70.00M | $93.00M | $66.31M | $70.06M | $35.65M | $27.05M | $23.38M | $13.97M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 30.1% | 25.8% | 26.1% | 21.4% | 57.4% | 85.6% | 47.0% | 59.4% | - | - |
| Net income growth, YoY | -39.0% | 1429.5% | - | - | 812.2% | - | - | - | - | - |
| EPS growth, YoY | -39.4% | 1450.0% | - | - | 784.2% | - | - | - | - | - |
| Gross margin | 48.1% | 50.4% | 49.8% | 49.2% | 53.8% | 52.6% | 54.9% | 55.6% | 56.5% | - |
| Operating margin | 12.7% | 12.1% | -20.1% | -14.7% | 5.8% | 3.1% | -8.9% | -8.6% | -7.3% | - |
| Net margin | 10.7% | 22.7% | 1.9% | -61.8% | 63.2% | 10.9% | -7.9% | -6.0% | -5.9% | - |
| Free cash flow margin | 17.4% | 18.0% | 12.8% | -3.3% | 10.5% | 13.1% | 0.9% | -1.7% | -1.8% | - |
| Return on equity | 9.1% | 17.5% | 1.5% | -42.0% | 26.2% | 5.0% | -4.1% | -3.1% | -4.0% | -8.6% |
| Return on assets | 8.1% | 14.5% | 1.2% | -32.2% | 21.8% | 4.1% | -3.6% | -2.9% | -3.6% | -7.2% |
| Current ratio | 5.96 | 3.71 | 6.99 | 7.07 | 12.15 | 15.69 | 8.67 | 15.35 | 10.82 | 6.36 |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.74B | $3.58B | $3.17B | $3.67B | $2.84B | $2.68B | $2.36B | $2.81B | $2.16B | $2.04B | $1.86B |
| Cost of revenue | $1.96B | $1.88B | $1.62B | $1.98B | $1.45B | $1.38B | $1.19B | $1.46B | $1.04B | $1.00B | $904.00M |
| Gross profit | $1.78B | $1.71B | $1.55B | $1.69B | $1.39B | $1.30B | $1.17B | $1.35B | $1.12B | $1.04B | $957.00M |
| Research and development | $497.00M | $445.00M | $437.00M | $390.00M | $375.00M | $394.00M | $377.00M | $351.00M | $332.00M | $349.00M | $335.00M |
| Selling, general and admin | $130.00M | $136.00M | $115.00M | $125.00M | $115.00M | $122.00M | $109.00M | $112.00M | $114.00M | $60.00M | $124.00M |
| Operating income | $568.00M | $488.00M | $382.00M | $631.00M | $343.00M | $291.00M | $203.00M | $465.00M | $283.00M | $241.00M | $86.00M |
| Income tax | $37.00M | $273.00M | -$53.00M | $149.00M | $44.00M | $173.00M | -$88.00M | $128.00M | $32.00M | $32.00M | $17.00M |
| Net income | $462.00M | $1.50B | -$581.00M | $743.00M | $264.00M | $906.00M | -$682.00M | $1.29B | $828.00M | $171.00M | -$273.00M |
| EPS, basic | $0.36 | $1.16 | -$0.45 | $0.58 | $0.20 | $0.70 | -$0.53 | $1.01 | $0.64 | $0.13 | -$0.21 |
| EPS, diluted | $0.36 | $1.16 | -$0.45 | $0.58 | $0.20 | $0.69 | -$0.53 | $0.99 | $0.64 | $0.13 | -$0.21 |
| Diluted shares | 1.29B | 1.30B | 1.30B | - | 1.31B | 1.31B | 1.30B | - | 1.30B | 1.30B | 1.29B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.87B | $1.66B | $1.85B | $1.54B | $2.41B | $1.54B | $1.31B | $1.50B | $1.51B | $1.54B | $1.62B |
| Short-term investments | $2.86B | $3.29B | $3.90B | $4.23B | $3.94B | $4.28B | $4.21B | $3.98B | - | - | - |
| Receivables | - | - | $449.00M | $500.00M | $396.00M | $350.00M | $297.00M | $342.00M | - | - | - |
| Inventory | - | - | - | $21.00M | - | - | - | $26.00M | - | - | - |
| Current assets | $7.79B | $7.82B | $8.49B | $8.30B | $8.71B | $8.00B | $7.45B | $7.25B | - | - | - |
| Goodwill | $495.00M | $491.00M | $491.00M | $491.00M | $491.00M | $491.00M | $491.00M | $452.00M | - | - | - |
| Total assets | $14.66B | $14.47B | $14.12B | $15.19B | $15.04B | $14.56B | $13.40B | $13.92B | - | - | - |
| Current liabilities | $1.60B | $1.46B | $1.37B | $1.39B | $2.21B | $2.08B | $2.01B | $1.96B | - | - | - |
| Shareholders' equity | $12.75B | $12.68B | $12.50B | $13.47B | $12.51B | $12.12B | $11.05B | $11.56B | $10.12B | $9.17B | $8.89B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $818.00M | $658.00M | $481.00M | $725.00M | $513.00M | $428.00M | $367.00M | $615.00M | $423.00M | $340.00M | $238.00M |
| Capital expenditures | $2.00M | $4.00M | $5.00M | $10.00M | $6.00M | $6.00M | $4.00M | $4.00M | $2.00M | $7.00M | $6.00M |
| Free cash flow | $816.00M | $654.00M | $476.00M | $715.00M | $507.00M | $422.00M | $363.00M | $611.00M | $421.00M | $333.00M | $232.00M |
| Investing cash flow | -$60.00M | $571.00M | $310.00M | -$654.00M | $335.00M | -$252.00M | -$619.00M | -$661.00M | -$474.00M | -$424.00M | -$27.00M |
| Financing cash flow | -$547.00M | -$1.42B | -$485.00M | -$938.00M | $24.00M | $44.00M | $59.00M | $49.00M | $6.00M | $3.00M | $3.00M |
| Share repurchases | $562.00M | $1.42B | $491.00M | - | $0 | $0 | $0 | - | - | - | - |
| Depreciation and amortization | $7.00M | $7.00M | $7.00M | $7.00M | $8.00M | $8.00M | $8.00M | $8.00M | $8.00M | $10.00M | $10.00M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 31.6% | 33.7% | 34.3% | 30.6% | 31.5% | 31.1% | 26.8% | - | - | - | - |
| Net income growth, YoY | 75.0% | 65.8% | - | -42.5% | -68.1% | 429.8% | - | - | - | - | - |
| EPS growth, YoY | 80.0% | 68.1% | - | -41.4% | -68.8% | 430.8% | - | - | - | - | - |
| Gross margin | 47.6% | 47.7% | 48.8% | 46.1% | 48.9% | 48.6% | 49.5% | 48.1% | 51.7% | 51.1% | 51.4% |
| Operating margin | 15.2% | 13.6% | 12.1% | 17.2% | 12.1% | 10.9% | 8.6% | 16.5% | 13.1% | 11.8% | 4.6% |
| Net margin | 12.3% | 41.9% | -18.3% | 20.2% | 9.3% | 33.8% | -28.9% | 46.0% | 38.3% | 8.4% | -14.7% |
| Free cash flow margin | 21.8% | 18.3% | 15.0% | 19.5% | 17.8% | 15.7% | 15.4% | 21.7% | 19.5% | 16.3% | 12.5% |
| Current ratio | 4.86 | 5.35 | 6.20 | 5.96 | 3.93 | 3.85 | 3.71 | 3.71 | - | - | - |
Source: XBRL data Shopify Inc. files with the SEC, latest filing dated Nov 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures and share counts are restated for stock splits the filings show: 10-for-1, first reported Feb 16, 2023.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| SHOP | $14.17B | +32.5% | $2.13B | 15.0% | $191.58B |
| PYPL | $34.30B | +4.4% | $4.73B | 13.8% | $49.20B |
| GDDY | $5.18B | +6.4% | $961.60M | 18.6% | $13.87B |
| HUBS | $3.59B | +20.1% | $213.29M | 5.9% | $9.80B |